Given that the war in Ukraine is the focus of a massive propaganda operation in the West, it’s telling that it’s fading a bit from attention, either by design or a need to regroup. While the business press still gives the war top billing due to the fact that energy supplies and pricing around the globe are very much in play, the level of discussion on Twitter in the last couple of days has dropped dramatically. Similarly, I don’t check into Daily Mail religiously, but not all that long ago, it crowded out celebrity coverage. By contrast, the last two days, the first conflict-related story, this on a TV host in Russia calling for regime change in the US, was well below the fold....Naked Capitalism
Ukraine Updates and More Discussion of the Russia “Gas for Roubles” Countersanction
Yves Smith
https://www.nakedcapitalism.com/2022/03/ukraine-updates-and-more-discussion-of-the-russia-gas-for-roubles-countersanction.html
4 comments:
"A [fascist-state-controlled] tv host in Russia calling for regime change..."
So what?
Yves should check her closet for hiding neo-nazis. Time better spent.
Yves,
Wouldn't post Neil's version in the comments. Of the original post.
" Please don’t present material as definitive (which is what the title implies) when it isn’t.
This is not an “actual transaction.”. It’s just MMT book entries. It has squat about trade execution, settlement (usually T+2), or when and how trades get busted.
Particularly since from what I have read, Russian oil companies are being required to convert 80% of their foreign currencies to roubles on an exchange in Russia, not OTC: "
Only allowed this version to be shown instead
https://new-wayland.com/blog/anatomy-of-an-fx-transaction/
Then went onto steal some of Neil's version in the latest blog post under " I should have pointed this out earlier"
Very Sneaky!
Sneaky is not the right descriptor.
"It has squat about trade execution, settlement (usually T+2), or when and how trades get busted."
The T accounts are the settlement layer. I didn't bother doing the contract layer since I didn't see how that helps matters.
Money gets moved into bank accounts, an exchange doesn't change the way the money moves around, any more than it changes the way shares are transferred.
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